FHA Minimum Downpayment Worksheet - VertaSource

FHA Minimum Downpayment Worksheet

PART I: Minimum Investment

BORROWER:_________________________ M&T LOAN #:________________________

Sales Price

(HUD Line 101)

(A) 3.5 % of Sales Price =

$______________ $______________ = Borrower(s) Minimum Downpayment

(B) Earnest Money Deposit =

(HUD Line 201)

$(_____________) -Subtract from (A)

(C) Funds Due from Borrower Notes:

$______________

HUD Line 303 `Cash From Borrower' must reflect at least this amount

Closing Costs may NOT be used to help meet the minimum 3.5% down payment requirement Closing Costs are not considered in the mortgage amount/down payment calculation for purchase money mortgages POC Fees (Appraisal, Hazard, etc.) may NOT be included in the 3.5% investment calculation Only the sum of HUD Lines 201 + 303 may be added to calculate the borrower's 3.5%

PART II: Interested Party Contributions

HUD-1 Audit: All borrower charge(s) eligible for a seller credit must be displayed in the borrower's column, AND a credit to offset charge(s) must be listed in Section J, Summary of Borrower's Transaction, on HUD Lines 204-209, with a corresponding reduction to the seller's proceeds in Section K, Summary of Seller's Transaction on HUD Lines 506-509.

Seller Credit Itemization

List items charged in the borrower column; do not list POC's

(Write-in other lines not itemized below, as needed)

Prepaids

Closing Costs

HUD Line

Amount

HUD Line

Amount

901

803

903

804

1001

805

806

807

1101

1103

1201

1203

Lender Credit Calculation Box

The underwriter shall determine if the lender credit is derived from preium pricing (interest rate benefit to the customer) and list the appropriate lender

credit condition as an At-Closing Condition

Amount of Lender Credit Derived from Premium Pricing

$____________

This amount may appear on the HUD-1, without being counted toward the 6% cap

Amount of Lender Credit NOT Derived from Premium Pricing**

$____________

**This amount must be inserted into field (E) below, and must be counted toward the 6% cap

Examples: Checking Credit, M&T Grant, etc.

TOTAL :

TOTAL :

Sum of Seller Credits = $

(must match (F) below)

SUMMARY CALCULATIONS:

Sales Price

(HUD Line 101)

$___________________

X

6%

(D) EQUALS:

$ Max Allowable Credits

(E) Lender Credit

Not derived from premium pricing

$_________________

(F) Seller Credit

As per purchase contract

(G) EQUALS:

+ $

$ Actual Credits Applied

M&T Closing Confirmation: Place initials next to the box to indicate compliance, and the date you reviewed

Review Date Closer Initials Confirmation

Part I: Borrower(s) have made their required minimum contribution. HUD Lines 201 + 303

equal or exceed (A) above.

Part II: The sum of interested party contributions (G) does not exceed sum of allowable credits

listed in (D)

Exh 03-500 FHA Maximum Down Payment Worksheet

Rev 12-05-11

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